Portugal - Total natural resources rents (% of GDP)

Total natural resources rents (% of GDP) in Portugal was 0.152 as of 2019. Its highest value over the past 49 years was 0.573 in 1979, while its lowest value was 0.106 in 1999.

Definition: Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents.

Source: Estimates based on sources and methods described in "The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium" (World Bank, 2011).

See also:

Year Value
1970 0.402
1971 0.339
1972 0.352
1973 0.429
1974 0.418
1975 0.464
1976 0.433
1977 0.388
1978 0.524
1979 0.573
1980 0.514
1981 0.368
1982 0.390
1983 0.432
1984 0.394
1985 0.449
1986 0.390
1987 0.316
1988 0.295
1989 0.442
1990 0.354
1991 0.348
1992 0.240
1993 0.248
1994 0.275
1995 0.283
1996 0.177
1997 0.152
1998 0.108
1999 0.106
2000 0.149
2001 0.115
2002 0.117
2003 0.114
2004 0.151
2005 0.164
2006 0.273
2007 0.264
2008 0.211
2009 0.106
2010 0.186
2011 0.174
2012 0.203
2013 0.137
2014 0.146
2015 0.135
2016 0.143
2017 0.163
2018 0.172
2019 0.152

Development Relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future.

Limitations and Exceptions: This definition of economic rent differs from that used in the System of National Accounts, where rents are a form of property income, consisting of payments to landowners by a tenant for the use of the land or payments to the owners of subsoil assets by institutional units permitting them to extract subsoil deposits.

Statistical Concept and Methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the world price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs (including a normal return on capital). These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Environment Indicators

Sub-Topic: Natural resources contribution to GDP